BackPollack Shores Real Estate Group (Pollack Shores) and Admiral Capital Group (Admiral) today announced they have formed a partnership to acquire The Factory at Garco, a 271-unit Class A apartment community in North Charleston, South Carolina. The acquisition marks Pollack Shores’ expansion and Admiral’s first investment in the Charleston market.
Just opened last year and surrounded by an array of breweries, restaurants and music venues in the popular Park Circle neighborhood, The Factory at Garco has quickly emerged as one of the area’s most desirable living destinations in Charleston’s upper peninsula. Pollack Shores and Admiral plan to invest approximately $1.1 million in renovations and amenity improvements over a two-year period. Apartment unit upgrades will include the addition of stainless-steel appliances, high-end lighting and plumbing fixtures, and a subway tile backsplash.
“Charleston has strong underlying fundamentals and has been a target market for Admiral for a few years due to the diversified economy, robust population and job growth and an overall appeal to millennials and others looking for reasonable cost of living and a balanced lifestyle,” said Dan Bassichis, Co-Founder and Managing Partner at Admiral. “We are very excited to enter the Charleston market with such a high-quality partner in Pollack Shores, a group that shares our philosophy of building a strong business while giving back to local communities.”
The Factory at Garco features a luxurious saltwater pool with cabanas for residents to relax and soak up the sun. The community also provides its adventurous residents with storage for boats, kayaks, paddleboards and other water sports gear. Other premier amenities include a state-of-the-art fitness center, a spacious dog spa where residents can pamper their pets night or day, and a full-service resident clubroom with kitchen.
In addition to its advantageous location in Park Circle, residents are also within close proximity to several nearby parks and walking trails. Matrix Residential, the property management division of Pollack Shores, will oversee day-to-day operations at the community. Known for its unique approach to creating exceptional resident experiences through superior marketing and management, Matrix will activate The Factory at Garco by providing an onsite events specialist who will plan and execute a customized events calendar for residents.
“We look forward to working with Admiral on this exciting project,” said Steven Shores, CEO and President of Pollack Shores. “The Factory at Garco has all of the right ingredients to fuel significant revenue growth and is an excellent addition to our growing portfolio in the Charleston area. The project’s convenient access to retail, dining and entertainment, as well as parks and urban trails, align with the demands of today’s Class A renters. The acquisition provides an opportunity to reposition a core-plus property in a fast-growing submarket, and we look forward to enhancing the experience for our residents.”
Situated near two interstate highways and a short drive from the Charleston International Airport and Downtown Charleston, the community is also near major employers such as The Boeing Company, Blackbaud, Inc., Joint Base Charleston and the Medical University of South Carolina.
“North Charleston is on the move,” said Brendan Whalen, Vice President of Acquisitions at Pollack Shores. “The Park Circle neighborhood has undergone a renaissance in the past few years, and the new food hall that will open just down the street at the old Garco Mill warehouse will be a major draw that triggers additional growth in the area. We anticipate significant leasing momentum at The Factory at Garco in the months to come.”
Earlier this year, Pollack Shores announced plans to develop The Merchant, a luxury apartment community located in Charleston’s North Morrison neighborhood. The Merchant is expected to open in July 2019.
Known for acquiring, developing, managing and investing in best-in-class multifamily communities, Pollack Shores is currently active in Atlanta, Orlando, Tampa, Jacksonville, South Florida, Raleigh, Charlotte, Charleston, Dallas, Austin, Nashville and Richmond. Matrix Residential has nearly 26,000 units under management across eight states. This acquisition represents Admiral’s first investment in Charleston bringing its units currently under ownership to over 12,000.
“We are thrilled to make our first investment in Charleston, a city with strong military roots, which resonates with me personally,” said David Robinson, Admiral Co-Founder. “In particular, we find the revitalization of the North Charleston area to be exciting and we look forward to supporting local community efforts.”
About Pollack Shores Real Estate Group, LLC
Pollack Shores is an award-winning full service real estate company creating value through multifamily investment opportunities throughout the Sun Belt. Founded in 2006, the Atlanta-based company currently owns $1.6 billion in total assets. Pollack Shores also owns and operates Matrix Residential, an innovative property management firm dedicated to creating exceptional experiences for every resident, property and client. Matrix Residential manages a balanced portfolio of nearly 26,000 multifamily units across eight states. Together, Pollack Shores and Matrix Residential are rooted in their mission of maximizing the value and living experience for every community. For more information about Pollack Shores, visit pollackshores.com. For more information about Matrix Residential, visit matrixresidential.com.